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Foreclosure in Santa Barbara : Real Estate Advice

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  • Local Info19
  • Home Buying72
  • Home Selling9
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Activity 13
Mon Jan 30, 2017
answered:
Hello Terriepoohbrara, your question/comment is hard to completely understand but you did not mention the number of bedrooms for your section 8 voucher. The rentals in Carpinteria start from $1,350 for 1bd 1ba apt, $1,995 for 2bd 1ba apt, $2,700 for 3bd 1.5ba condo with ocean view. All rentals will have to be checked to see if they accept Section 8 rents.

The inventory is quite low in the area so you should check with the local rental management companies as well.

If you have been receiving your Section 8 rental voucher for over one year and are moving to the same area your rental voucher is you may even qualify to buy with the Homeownership Voucher. If so you should check with your case worker if they offer it there and if you qualify as we do the financing.

You would need a minimum 640 fico score to qualify for the Homeownership Voucher program and some minimal funds if utilize the down payment and closing cost assistance program.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Fri Sep 19, 2014
Valli Lopez answered:
Hello Renee and Robert,
My company just rolled out a product that is a real rent to own program where you buy the property and everyone gets paid accordingly, then you pay the lender that buys the house for you rent until you are able to buy it from them outright and all your payments and equity become yours at that time.


Call me or email me if this sounds like an option for you now or in the future.

Valli Lopez
NMLS 980530
619-916-9595
Valli@ValliLopez.com
... more
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Tue Jul 15, 2014
Andy Madrid answered:
Jon,

I didn't see that anyone responded to you regarding purchasing a foreclosure in Santa Barbara. As far as F/C properties go, our city isn't like alot of other cities in that we dont really have much foreclosed inventory anymore. There have been less than 10 homes that were foreclosures and these generally sell at market price so if you are looking for a fixer that is low priced, those days are pretty much gone and what is left requires cash and no contingencies.
let me know if you have any other questions. I'd be happy to help you.

Andy Madrid
Coldwell Banker
1290 Coast Village Rd
Montecito, CA 93108
(805) 452-1456
... more
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Thu Feb 6, 2014
Shel-lee Davis answered:
When you are looking at Foreclosures on this site, you are usually NOT looking at properties that are actually for sale. The foreclosure data comes from public records. Often the "price" is misleading as it is either the amount that the owner is behind or it is the amount of the loan that is foreclosing - and there might be 1, 2, 3 or more total loans on the property.

Your best bet to find good deals is to work with a local realtor who knows what is available today and also what is coming on the market. Hoping for a property you find under Foreclosure and thinking you can get it for amount shown will only lead to frustration and disappointment. Hope this helps.

Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)
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Thu Feb 6, 2014
Jerry Reed asked:
Thu Nov 7, 2013
Joanne Sizemore answered:
Hi SwaggerTruth101,

Can you please let me know which house you are referring to. I will be happy to assist you, but the link for the property you were looking at did not come through with your question, so I will to know the address or be sent the link in order to help.

Please contact me at 805-895-9910.

Sincerely,

Joanne Sizemore
www.JoanneSizemore.com
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0 votes 3 answers Share Flag
Fri Sep 13, 2013
Dana O'Neill answered:
Great question! Property values are estimates based on a variety of factors and sources. Not all companies have access to or use the same sources. This is especially true of homes that have been upgraded or remodeled since the last time they sold. The online sources cannot take this into consideration and hence, their estimate is based on lot size, sqare footage of the home, neighborhood, etc. Conversely, if a property has deteriorated since the last sale, online sources will not know this. Another aspects of a sale that an online source cannot calculate is the reason a home sold for a certain price, what negotiating and concessions were made.

However, Realtors will!! Always best to check with a local realtor to discover what the actual, most current value is for a home.

Hope that helps! And if I can be of assistance, please let me know!

Dana
Dana@DanaONeill.com
805.705.1605
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Fri Jul 12, 2013
Summer Knight answered:
Mon Dec 13, 2010
Daniel Zia & The Zia Group answered:
Interestingly enough, 90%+ of the REO's, and short sales that come on the market in our area are actually under $1 million. Those that fall into the luxury category of the market are quite rare--perhaps a dozen a year. ... more
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Fri Oct 1, 2010
Rich Bosselmann answered:
People rent homes in which the owners are in default with their lenders all the time. Many times the renter is unaware of the owners situation and in most cases the owner is pocketing the rent as income until the lender forcloses. If you do agree to rent a home that is going through the forclosure process, be careful and do not assume that the current owner is paying any of the rent towards the mortgage. In most cases, especially in Santa Barbara, if the loan exceeds the value of the home, which is the most common forclosure or short sale scenario, rent will not even come close to paying the mortgage and taxes, especially discounted rent. ... more
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Fri Nov 13, 2009
Tammy Davis answered:
Anthony...contact your lender. Most lenders are offering loan modification's and it is something that you can do yourself. The majority of people in foreclosure do not contact their lender..and that should be the first step.
If you do not have any luck with your lender in modifying your loan...you might want to consider a short sale.
For the difference between a short sale and foreclosure...drop me an email and I will provide you with some free information.
Good luck....and if you do go to someone out there for their services to help you...be careful, this is the biggest scam out there now.

I am a certified distressed property expert....helping homeowners discover the alternatives to foreclosure.
... more
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Wed Nov 11, 2009
John Villaescusa answered:
I would highly suggest from what you are telling me- if the bank does not want to work with you on doing a loan modification, do a short sale. I know it seems very hard to do come to terms with doing a short sale but is better in the long run than going into foreclosure. Not only will you take less severe hit on your credit, but you will also know everything the bank plans to do once the short sale is complete.( ie. debts, taxes, etc.). I would suggest to start looking for an experienced Realtor in your area that knows how to handle short sales. If you like I could help you out and maybe refer you to an agent in that area.

John & Sarena Villaescusa
Owner/Realtor/Broker
Keller Williams Realty
Cell- 562-818-2671
Email- Johnv@kw.com
Website- www.VGroupHomes.com
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Mon Apr 23, 2007
Daniel Zia & The Zia Group answered:
There are very few foreclosures in Santa Barbara, and they rarely hit the open market. Typically these properties are listed with qualified agents and prices competitively. Only about 10% (or less) of properties listed FSBO actually sell here in Santa Barbara. Most buyers when they see a FSBO automatically come in with a lower offer at least equal to what the seller would be offering as commission to an agent. So not only do you net the same or less money, you don't have an agent aggressively marketing your property and negotiating on your behalf. It's a lose/lose for the seller. ... more
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